ECONOMIC GOVERNANCE IN THE EUROPEAN UNION: CONCEPTUAL FUNDAMENTALS AND HISTORICAL RETROSPECTIVE

Abstract

The civilizational choice of Ukraine and its obtaining on June 23, 2022, in accordance with the decision of the European Council, the status of a candidate for joining the European Union (subject to the fight against corruption and judicial reform) determine the need to bring domestic public administration into compliance with European standards and principles, and as well as harmonization of the legislation of Ukraine with the legislation of the European Union. Ukraine's European integration aspirations determine the need for a detailed analysis of the functioning of all areas of governance in the European Union. Economic governance in the European Union needs special attention, because it is one of the determining factors in the successful functioning of the economies of the member states and the commonwealth as a whole. Conceptual foundations are studied and the historical retrospective of economic governance in the European Union is analyzed. The essence of the concepts "economic governance" and "economic governance in the European Union" is revealed. The main stages of the thirty-year experience of developing economic governance in the European Union are considered: from the time of signing the Treaty on the European Union (Maastricht Treaty) in 1992 to the present. The legal acts that are the basis of economic governance in the European Union are analyzed. The main achievements and challenges that stand in the way of building an effective and efficient structure of economic governance in the European Union, capable of ensuring the achievement of the community's common goals, are determined. It is concluded that economic governance in the European Union is constantly being strengthened and improved, and now the European Community is taking comprehensive measures to review it in order to solve existing problems and due to the need to strengthen the coordination of the economic and fiscal policies of the member states of the European Union in the conditions of the further development of the Economic and Monetary Union in the context of overcoming the negative consequences of the global coronavirus pandemic, the exit of Great Britain from the EU and the global economic and financial crisis.